Caprihans India EBITDA jumped on 51.7% while Revenue decreased on 5.2%

20-05-2016 • About Caprihans India ($CAPRIHANS) • By InTwits

Caprihans India reported FY2016 financial results today. Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.

Revenue and profitability

The company's Revenue decreased on 5.2%. During the last 5 years Revenue growth topped in FY2013 at 13.2% and was decelerating since that time. Revenue decline happened at the same time with EBITDA margin expansion. EBITDA Margin increased on 3.4 pp from 5.6% to 8.9% in FY2016.

Net Income margin showed almost no change in FY2016.

Financial and operational results

Caprihans India ($CAPRIHANS) key annual financial indicators

mln. INR	2012	2013	2014	2015	2016	2016/2015
P&L
Revenue	1,949	2,206	2,451	2,520	2,389	-5.2%
EBITDA	111	137	114	141	214	51.7%
Net Income	71	68	53	71	65	-7.4%
Balance Sheet
Cash	18	175
Short Term Debt	0	0
Long Term Debt	0	0
Cash flow
Capex	7
Ratios
Revenue growth	4.1%	13.2%	11.1%	2.8%	-5.2%
EBITDA growth	-1.6%	23.3%	-16.4%	23.1%	51.7%

EBITDA Margin	5.7%	6.2%	4.7%	5.6%	8.9%	3.4%
Net Income Margin	3.7%	3.1%	2.1%	2.8%	2.7%	-0.1%
CAPEX, % of revenue	0.3%

ROIC	7.5%	9.7%
ROE	7.2%	6.5%
Net Debt/EBITDA	-0.2x	-1.3x	0.0x	0.0x	0.0x

Peers in Plastic Products

Below we provide Caprihans India benchmarking against other companies in Plastic Products industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.

Top companies by Revenue growth, %


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Astral Poly Technik ($ASTRAL)	41.7%	41.6%	30.8%	32.4%	-
Max India ($MAX)	28.0%	23.7%	10.1%	27.4%	-
Wim Plast ($WIMPLAST)	27.5%	23.1%	19.5%	23.5%	-
Acrysil ($ACRYSIL)	11.3%	29.6%	33.8%	19.4%	-
Shaily Engineering Plastics ($SHAILY)	-	-16.0%	23.3%	19.2%	25.5%
Median (11 companies)	18.2%	24.4%	15.5%	8.5%	18.5%
Caprihans India ($CAPRIHANS)	-	13.2%	11.1%	2.8%	-5.2%

Top companies by EBITDA margin, %


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Acrysil ($ACRYSIL)	12.4%	16.8%	17.5%	19.5%	-
Wim Plast ($WIMPLAST)	18.1%	17.9%	18.1%	17.0%	-
Shaily Engineering Plastics ($SHAILY)	14.3%	13.9%	16.0%	14.8%	17.3%
Jain Irrigation Systems ($JISLJALEQS)	16.6%	12.6%	12.6%	12.4%	-
Responsive Industries ($RESPONIND)	13.4%	11.5%	10.3%	12.2%	-
Median (14 companies)	12.9%	12.1%	12.6%	11.7%	14.1%
Caprihans India ($CAPRIHANS)	5.7%	6.2%	4.7%	5.6%	8.9%

Top companies by CAPEX/Revenue, %


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Shaily Engineering Plastics ($SHAILY)	3.7%	-	10.7%	17.2%	13.0%
Flexituff International ($FLEXITUFF)	10.8%	10.3%	15.7%	10.0%	5.0%
Acrysil ($ACRYSIL)	7.8%	11.0%	9.6%	9.3%	-
Wim Plast ($WIMPLAST)	14.3%	8.1%	3.7%	7.9%	-
Astral Poly Technik ($ASTRAL)	11.9%	8.4%	8.6%	6.0%	-
Median (8 companies)	10.8%	8.2%	7.7%	7.0%	9.0%

Top companies by ROIC, %


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Wim Plast ($WIMPLAST)	31.8%	31.2%	31.0%	31.2%	-
Acrysil ($ACRYSIL)	7.7%	16.2%	20.2%	21.0%	-
Astral Poly Technik ($ASTRAL)	29.3%	31.1%	33.3%	19.7%	-
Shaily Engineering Plastics ($SHAILY)	19.5%	15.0%	19.3%	15.2%	18.2%
Max India ($MAX)	8.9%	24.3%	7.0%	12.7%	-
Median (21 companies)	10.2%	11.8%	15.1%	13.9%	12.7%
Caprihans India ($CAPRIHANS)	7.5%	9.7%	-	-	-

Top companies by Net Debt / EBITDA


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Flexituff International ($FLEXITUFF)	2.2x	3.1x	4.3x	5.3x	4.5x
Jain Irrigation Systems ($JISLJALEQS)	3.8x	5.1x	4.8x	4.8x	-
Acrysil ($ACRYSIL)	2.9x	2.2x	2.0x	2.7x	-
Shaily Engineering Plastics ($SHAILY)	1.9x	1.8x	1.9x	2.6x	1.5x
Responsive Industries ($RESPONIND)	3.3x	2.9x	2.4x	1.9x	-
Median (14 companies)	2.2x	2.3x	0.8x	0.2x	1.5x
Caprihans India ($CAPRIHANS)	-0.2x	-1.3x	0.0x	0.0x	0.0x

Caprihans India stock price chart

Caprihans India financials

mln.	FY2010	FY2011	FY2012

Revenue	2,935	1,873	1,949
EBITDA	129.8	112.8	111.0
Net income	50.225	74.191	71.383
CAPEX	12.401	10.521	6.805
Debt	0.000	0.000	0.000
Cash	24.748	26.471	18.412

About Caprihans India

Caprihans India Limited manufactures and sells rigid and flexible PVC films, and plastic extruded products in India. It offers rigid PVC films, including pharmaceutical packaging films for packing tablets, capsules, ampoules, suppositories, and medical devices; other packaging films for food, cosmetics, gifts, blisters, and other technical and specialized packaging under the Sunblis and Sunplex names; and specialty films for use in posters, decorative articles, labels and price tags, calendars, sequins, filing systems, indexes and dividers, albums, folding boxes, windows, sliding covers, playing and ID cards, lamp shades, cooling towers, etc. under the Sunvic name, as well as PVDC coated PVC films for packing hygroscopic pharmaceutical products under the Sundene name. The company also provides flexible PVC films under the Sunflex name for table covers, shower curtains, office stationery systems, shopping bags, toilet kits, wardrobe bags and linings, photo lamination, glass lamination and photo albums, raincoats and windsheeters, toys, balloons, play pools and beach articles, urine bags, hospital sheetings, air circulation beds, and insulation tapes and cable wraps. In addition, it offers plastic corrugated boards used in advertising industry under the Sunpac name; rigid PVC foam boards and sheets for use in exhibition panels, partitions for interiors, false ceilings, advertising signs, and hoardings under the SunBoard name; ABS sheets for vacuum formed luggage shells, auto accessories, refrigerator linings, interiors of luxury coaches and railway coaches, executive chair backs, etc. under the Sunlac name; and PP sheets that are used as construction material in textile, sugar, pharmaceutical, and chemical industries under the Sunlene name. The company was incorporated in 1946 and is based in Mumbai, India. Caprihans India Limited is a subsidiary of Bilcare Research GmbH.